Stepping up efforts to remove obstacles for condotel projects.

Accordingly, the issuance of land ownership certificates is divided into two processes. Process 1 is for project developers, consisting of 5 steps, with a processing time of 30 working days from the date of receiving complete and valid documents. Process 2 is for customers, consisting of 9 steps, with a processing time of 15 working days from the date of receiving complete and valid documents. After receiving the documents, the Department of Natural Resources and Environment coordinates with the Departments of Finance, Construction, and Planning and Investment to inspect and carry out the steps for issuing land ownership certificates.

Despite established procedures, reporters have found that many projects still lack land ownership certificates for their customers. The head of the Land Registration Office of Khanh Hoa province stated that currently, only the Vega City Nha Trang project (now Libera Nha Trang) has been granted land ownership certificates. "To obtain a land ownership certificate, a project must go through many assessment steps. Many projects may be facing obstacles and therefore do not yet meet the conditions for issuance," the head of the office explained.

At the recently held forum "Unblocking the Flow of Tourism and Resort Real Estate," the Vietnam Real Estate Brokers Association reported that the entire market saw 726 successful transactions for tourism and resort real estate products in 2023. Transaction volume has not recovered as expected due to legal obstacles encountered by some projects.

Khanh Hoa province is experiencing strong growth in the resort real estate sector.

According to Deputy Minister of Construction Nguyen Van Sinh, real estate in general, and officetels and condotels in particular, are facing difficulties due to legal obstacles, land valuation issues, land clearance, and the issuance of ownership certificates. In addition, adjusting planning to ensure consistency between different levels of planning takes a considerable amount of time.

According to Deputy Minister Nguyen Van Sinh, the Prime Minister has issued many decisive and focused directives to resolve obstacles in the implementation of real estate projects in many localities, contributing to increasing supply for the market. The Government's submission to the National Assembly for approval of amendments to very important real estate-related laws has also helped to remove obstacles in the market.

Recently, the Government also authorized the Ministry of Justice, on behalf of the Government, to sign the submission to the Standing Committee of the National Assembly to include the 2023 Housing Law, the 2023 Real Estate Business Law, and the 2024 Land Law into the National Assembly's legislative and ordinance drafting program for 2024, for implementation from July 2024, six months earlier than planned.

According to Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management - Ministry of Construction, if guiding documents with stricter and clearer regulations are approved soon, it will help resolve obstacles for condotels and officetels. "In the coming time, resort real estate will have potential because the market is recovering under the impact of new laws. This is good news for localities developing tourism," Mr. Hai assessed.

Inventory is still large.

According to the Vietnam Real Estate Brokers Association, in the first quarter of 2024, the entire market recorded 9,970 tourism real estate products launched for sale, of which more than 97% were unsold inventory from previously launched projects. Only 5 projects were completely new, supplying 326 products to the market, a 60% decrease compared to the same period last year. It is predicted that the supply of tourism and resort real estate in 2024 may improve by about 20% compared to 2023.

Source: https://nld.com.vn/day-manh-go-vuong-cho-condotel-196240522210027607.htm